Cardano was able to get three milestones in just one week that Confirming Cardano (ADA) Widespread Adoption in 2022.
Despite the underperformance of Cardano (ADA), the cryptocurrency has continued to record significant achievements across the industry as its popularity seems to be growing tremendously.
Top 3 Most Mentioned Cryptos on Reddit
Fresh data published by chartexchange.com shows that Cardano is among the top three cryptocurrencies mentioned on popular social media platform Reddit.
Per the data, 1,692 was mentioned 1,692 times over the past week, which represents a 23% increase from what was recorded in the previous week, putting the coin in the third spot in the latest ranking.
Following the achievement, Cardano ranked behind the two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH).
Notably, Bitcoin ranked in the first position with a total Reddit mentions of 8,030, while the second-largest cryptocurrency by market cap retained the position of the second most mentioned cryptocurrency on the social news aggregation website, with 5,177 mentions.
Growing Daily Transaction Volume
Cardano, which recently enabled smart contract functionality, led other cryptocurrencies, including Ethereum, in terms of daily transaction activity.
Data provided by Messari shows that Cardano is the most transacted cryptocurrency as a total of $17.85 billion worth of ADA has been transacted in the last 24 hours
The volume saw Cardano rank ahead of Bitcoin and Ethereum, which recorded transaction volumes worth $16 billion and $4.49 billion in the last 24 hours.
Cardano has been recording significant growth in user activity as many still believe the coin will certainly enjoy a lengthy rally this year as its adoption continues to skyrocket.
Cardano blockchain Growth
The Cardano blockchain has grown by almost 13 GB since the beginning of 2022, indicating massive activity on the network.
Since 1st January Cardano Blockchain grew by about 13 GB. Historically speaking this is a lot and clearly there is a lot of chain activity. pic.twitter.com/kV15bjeP9O
— Cardano Blockchain Insights (@InsightsCardano) February 21, 2022
Final Thoughts:
Relatively Cheap: Comparing the current price of ADA and its value when it peaked, you would see that the coin has dipped over 70% ever since. That’s due to high expectations surrounding the cryptocurrency when the team announced the launch of the Alonzo hard fork, which was designed to usher in smart contracts. Many enthusiasts expected decentralized applications (dApps) to start launching on the network moments after smart contract functionality was enabled.
However, it did not happen that way, prompting a lot of supporters to abandon the project. Interestingly, decentralized exchanges (DEXs) have started launching on the blockchain, which began with SundaeSwap. As the coin’s value is still relatively low and as dApps are gradually going live on Cardano, it is advisable to own a portion of ADA and enjoy the imminent rally that is to come from the influx of various dApps.
Enthusiasts Bullish Despite ADA Dip: Cardano’s price has been underperforming since the beginning of the year after falling 32.8% on year-to-date (YTD).
At the time of writing this line, Cardano is trading around $0.89, which is a massive 71.2% dip since it peaked at an all-time high of $3.09.
Despite the price underperformance of the coin, several enthusiasts are still bullish on the asset class and expect a remarkable year for the ninth-largest cryptocurrency.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
